On this page of StockholderLetter.com we present the latest annual shareholder letter from BEAZER HOMES USA INC — ticker symbol BZH. Reading current and past BZH letters to shareholders can bring important insights into the investment thesis.

 •  12/22/2025 Letter Continued (Full PDF)
 •  More "General Contractors & Builders" Category Stockholder Letters
 •  BZH Benford's Law Stock Score = 86

BZH Shareholder/Stockholder Letter Transcript:

2025
Annual Report


About Beazer Homes
Based in Atlanta, Georgia, we are a leading national homebuilder committed to building high-quality, energy-efficient
designs with care, inviting homeowners to Enjoy the Great Indoors  .
With four points of strategic differentiation, the Beazer Homes experience delivers meaningful financial and
lifestyle benefits to make homeownership more attainable and rewarding.
Advanced Home Performance
Beazer homes are designed to provide industryleading efficiency, comfort, and durability, resulting
in healthier and quieter living environments. Our
homes provide these measurable advantages without
compromise, delivering lower monthly energy bills and
an overall reduction in the immediate and ongoing
costs of homeownership.
Elevated Experiences
We believe the homebuying journey should be both
memorable and supportive, starting well before movein and continuing after closing. Trained team members,
user-friendly online shopping tools and post-closing
advocates ensure homebuyers and homeowners alike
feel confident in their decision to own a Beazer home.
Curated Choices
We are proud to offer a range of curated choices for
our homebuyers to better meet their evolving needs.
From Mortgage Choice and Choice Plans   to Style
Choice and a refreshed design studio experience,
customers can look forward to a selection of
high-quality products and services, many available at
no additional cost.
Community Impact
Beazer is committed making a positive impact in
the communities where we build, live and work.
We established Charity Title Agency and Charity
Home Insurance Agency as insurance options for
homeowners where all net profits are donated to the
Beazer Charity Foundation, our philanthropic arm
that supports the powerful missions of nonprofits that
matter to our customers and our teams.
2025 Annual Report
1

Financial Summary
(TOTAL REVENUE AND ADJUSTED EBITDA DOLLARS IN MILLIONS,
AVERAGE SELLING PRICE DOLLARS IN THOUSANDS)
YEAR ENDED SEPTEMBER 30
2021
2022
2023
2024
2025
New Home Orders
5,564
4,061
3,866
4,221
3,890
Home Closings
5,287
4,756
4,246
4,450
4,427
Total Revenue
$ 2,140 $ 2,317 $ 2,207 $ 2,330
$ 2,372
Average Selling Price
$ 402 $ 484 $ 518 $ 515
$ 520
Continuing Operations Data
21.1%
18.0%
Diluted Earnings Per Share
$ 4.01 $ 7.17 $ 5.16 $ 4.53
$ 1.52
Adjusted EBITDA(2)
$ 263 $ 370 $ 272 $ 243.4
$ 157.7
Homebuilding Gross Margin(1)
23.0%
26.3%
23.1%
(1)
Excluding impairments, abandonments and interest amortized to cost of sales, detailed in Item 7 on our Form 10-K.
(2)
For a full reconciliation of our Adjusted EBITDA, see Item 7 on our Form 10-K.
(3)
Quarterly diluted weighted-average shares outstanding at 9/30 used for all periods
2

From Our Chairman & CEO
Dear Fellow Stockholders,
Fiscal 2025 was a challenging but productive year.
We took actions throughout the year to improve
our financial performance, while also advancing
our differentiated strategy that delivers a timely
and compelling value proposition to home buyers.
In a housing market constrained by persistent
affordability challenges, we are uniquely wellpositioned to address the financial concerns
of new home buyers. And we remain on track
to achieve our Multi-Year Goals (   MYG   ), which
we believe will create significant value for our
key stakeholders.
Fiscal 2025 Financial Achievements
In fiscal 2025, we closed over 4,400 homes,
generating:
   $2.30B in total revenue
   $157.7M of Adjusted EBITDA, and
   $1.52 in diluted earnings per share
   In addition, we grew book value and
deleveraged our balance sheet
While diminished consumer confidence and
affordability constraints restricted demand for
new homes, our team   s resilience and our buyers   
response to our homes assured me that we have
the people and the strategy to drive sustained
growth and attractive returns in the coming years.
Culture of Action
Instead of waiting for market conditions to improve
    whether through lower interest rates, reduced
new home inventories or less generous incentives
    we took decisive actions to improve both
profitability and balance sheet efficiency:
   Reduced headcount and fixed overhead
expenses
   Renegotiated labor and material agreements to
reduce construction costs
   Refreshed new home elevations and floorplans, and
transitioned to new sales leadership across our more
challenging markets
   Reassessed our land portfolio to increase alignment
with our key buyer segments, resulting in profitable,
non-strategic land sales
   Reinforced our commitment to the use of options to
control land and lots.
Differentiated Value Proposition
Beazer Homes is leading the new home industry in
addressing the total cost of homeownership. While all
home builders focus on the size, location and features
in a home to address affordability constraints, at Beazer
we go much further. We expand the affordability
conversation with buyers, highlighting more competitive
mortgage rates through our Mortgage Choice program
and lower utility bills and insurance premiums bills
resulting from our energy-efficient construction and
advanced building practices.
2025 Annual Report
3



 12/22/2025 Letter Continued (Full PDF)